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Formula E is on track financially, with NYC race coming up

LONDON - Formula E could be breaking even already were it not investing for the future, chief executive Alejandro Agag said on Monday after the electric motor racing series reported continuing losses in its latest annual accounts. Accounts filed at Companies House showed Formula E Operations Ltd reduced its operating loss to 33.7 million euros ($38.32 million) at end-July 2016, a period covering its second season, from a previous 62.7 million. Net liabilities rose to 107.2 million euros from 72.1 million, while total revenues reached 56.6 million from a previous 19.7 million. "Everything is going according to plan," Agag, whose city-based series will be racing in New York for the first time on July 15 and 16, told Reuters in an interview at his London offices. "Actually we are doing incredibly well financially according to our plan. "We could have broken even this year but we decided to invest more in marketing and promotion. We decided to add races like the one in New York, which is in year one a race which is costing, we have significant capital expenditure." "It's really up to us when we want to go to break even or not. We could be in break-even now, we could be in break-even next season but we may decide to invest more in marketing and promotion." Agag said the shareholders, including John Malone's Liberty Global and Discovery Communications, were supportive of the strategy and the series had attracted more investors, sponsors and car manufacturers. The New York races will be held in Brooklyn's Red hook neighborhood, with lower Manhattan and the Statue of Liberty as a backdrop with technology partner Qualcomm securing the naming rights. MANUFACTURER INTEREST Agag, whose series plays down competition with Liberty Media-owned Formula One, said more carmakers were set to join a series increasingly aligned with their commercial focus. "I think Formula E has become the preferred destination for manufacturers and there are a few reasons for that," said the Spaniard. "Obviously, one is that it is electric and manufacturers are more and more focusing on electric cars...and we are the only platform really to help them promote that technology and those types of cars. "And second, because of the cost. The cost of the team in Formula E is very moderate." Whereas top Formula One teams can burn through $300 million a year, as can the likes of Toyota in the World Endurance Championship, the budgets of successful Formula E teams are between 10 and 15 million.

Jaguar announces continuation run of 1953 C-Type race cars

Jaguar is adding the 1953 C-Type race car to its Jaguar Classic "Continuation" line of historic cars. These factory-built cars are crafted to the same specifications as their inspirations, making them some of the most accurate replicas of any classics available to the public.  For the C-Type, Jaguar turned to the 1953 Le Mans-winning works car, which was powered by a 3.4-liter, 220-horsepower straight-six sporting three Weber carbs. Unlike the road cars, the racers wore disc brakes at all four corners, which is good news for anybody who is purchasing one of these to drive.  "Driven by some of the most-admired racing drivers in history, the C-Type laid the foundations for Jaguar’s success in endurance racing and is synonymous with design and engineering innovation," said Dan Pink, director of Jaguar Classic. "Seventy years on, Jaguar Classic is proud to be able to utilize the latest innovations in manufacturing technology – alongside traditional skills and unrivaled expertise – to reintroduce this legendary car for a new generation of enthusiasts to enjoy." While a new generation of enthusiasts may get the opportunity to drool over a factory-fresh C-Type for the first time, these continuation cars won't exactly be flying off the assembly lines. In fact, the production pace won't come anywhere close to that of the original. Jaguar plans to build just eight examples to be delivered prior to a motorsports-themed celebration event for those lucky customers. (Just 53 were built in the original 1950s production run, of which 43 were sold to private owners.) If they're so inclined, owners of the new C-Types will be able to race their cars in sanctioned vintage series. FIA-approved harness mounts can even be included from the factory. Despite that nod to convention, Jaguar's key motivation with the C-Type revival is staying true to the originals. "Building on the experience gained with previous Jaguar Classic Continuation programs for Lightweight E-Type, XKSS and D-Type, Jaguar Classic engineers consulted the Jaguar archives and cross-referenced scan data taken from an original C-Type in conjunction with the latest computer aided design (CAD) technology, to create the most authentic new C-Type possible," Jaguar said in its announcement. Jaguar is even throwing a bone to those of us who will only be able to admire these beauties from afar. As of Wednesday, a configurator tool for the new C-Type Continuation is available on Jaguar's website.

2017 Jaguar F-Type SVR is a very fast, very angry kitty

Well, Jaguar has gone and done it. The British marque hit the perfect sweet spot with its newest F-Type, the range-topping SVR, landing squarely in a price/performance segment its butt-engined rivals from Stuttgart aren't playing in. Confirming our previous reports, the new SVR will debut at the 2016 Geneva Motor Show with the latest version of Jaguar Land Rover's 5.0-liter, supercharged V8. With some fettling by the team at JLR's Special Vehicle Operations, the engine has been boosted to 575 horsepower, 25 more than F-Type R. Torque is up from 501 pound-feet to 516 pound-feet, while the 0-60 time has dropped from 3.9 to just 3.5 seconds. And yes, 200 miles per hour is possible with the hardtop – the convertible will only do 195. That means you'll be getting more power, more torque, a quicker run to 60, and a higher top speed than an all-wheel-drive Porsche 911 GTS, but for just $5,000 more, a figure that's quickly erased by Porsche's insane options catalog. The Jag can't stand up to the 0-60 performance of 540-hp, 2.9-second 911 Turbo or the high speed of the 205-mph Turbo S, but with prices for the SVR Coupe starting at just $126,945 ($129,795 for the droptop), it's going to cost anywhere from $33,000 to $62,000 less than the Carreras. With only modest increases in output, it's pretty clear SVO made some bigger changes to score an extra 14 mph on the high end and cut 0.4 seconds off the 0-60 time. At its most basic level, the SVR is 55 pounds lighter than the F-Type R, thanks in large part to the new Inconel titanium exhaust, which cuts 35 pounds of fat (and makes for a more sinister note, we're told). Tack on the optional carbon-ceramic brakes, along with a few carbon-fiber accents, and the overall savings sits around 110 pounds. JLR is also promising faster performance from the eight-speed ZF automatic transmission, which still sends its power to all four wheels. Speaking of which, the new 20-inch forged aluminum alloys are shod in wider Pirelli PZero – 265s in front and 305s in the back, compared to 255/295 on the R model. There is also the usual array of aesthetic and aerodynamic changes. You can check out the more aggressive body work in the full gallery, but know the changes contribute to improved cooling and cut the coefficients of drag and lift by up to 7.5 and 45 percent, respectively, when the adjustable rear wing is in its aerodynamic down position, and 2.5 and 15 percent with the wing up.